Motor Vehicle Loans (Any Age Vehicle)
Age | Deposit | Interest Rate |
New | 10% | 6.50% |
Used up to 5 yrs | 15% | 7.50% |
Used 5 – 10 yrs | 20% | 8.50% |
Used 10 – 15 yrs | 33% | 12% |
Used over 15 yrs | 33% – 50% | 18% |
Documents Required
- Proof of Ownership of Vendor (Vehicle Enquiry Report)
- Insurance Quotation for Buyer
- Vendor’s Letter
- Copy of Vendor’s ID
- Importers Invoice
- Dealers Invoice
- Route permit- if Public Transport
- Taxi Permit- if Taxi Operator
- 2 Recent Salary Slips
- Job Letter
- Valuation & Inspection Report
- If self employed;
- Bank account statements for last six (6) months and or
- Check stubs for last six months
- Business registration certificate
- Contracts
- Financials for last 3 years